It was not sufficient simply to use the formal criterion of the law of the country where the corporation had been incorporated, and Morocco therefore considered it important that there should exist a genuine link between the corporation and the country under whose law it had been incorporated. That link did not necessarily have to be related to the volatile majority of its shareholders.
Limitarse al criterio formal del derecho del país donde se haya constituido la sociedad es insuficiente, por lo que Marruecos considera importante que exista un vínculo real de la sociedad con el país conforme a cuyo derecho se constituyó, vínculo que no tiene por qué estar necesariamente relacionado con la mayoría volátil de sus accionistas.